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| Author: | Yuan, Kun |
| Title: | Free convertibility of the RMB viewed in the light of Asian financial turmoil (original in Chinese) |
| Journal: | Reform of Economic System (c)
1998 : 2, p.125-128 |
| Index terms: | FINANCIAL CRISES FOREIGN EXCHANGE CURRENCY CHINA |
| Language: | chn |
| Abstract: | The Asian financial crisis mainly has two models. One is represented by Japan and Korea. The other is represented by Thailand. The first one is the government-led economic development, as a result of which have formed undue protection and intervention. The second one made enterprises lose seriously risk awareness due to advancing impetuously and pushing on financial liberalization blindly in reform. These two models lead to the same result: The risks of enterprises are concentrated and turned into the risks of the state. The author thinks that we can not seek quickness in making RMB freely convertible. The most important task at the present is to cultivate and develop various types of markets so as make enterprises the market subject which really bears risks in the intense market competition. |
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